NEW YORK CITY – A 30,000-square-foot development site, improved by a two-story 11,896-square-foot retail building occupied by Rent-A-Center until 2015, is on the market for sale through Eastern Consolidated priced at $5.9 million.
Situated on the northwest corner of Third Avenue and 120th Street, 2202-2210 Third Avenue is ripe for the development of up to 30,000 square feet.
Eastern Consolidated Senior Director Adelaide Polsinelli with Associate Director Chad Sinsheimer and Director, Financial Services Gary Meese are spearheading the marketing initiative for the property, which offers in-place income until 2015 with the near-term potential of constructing a mixed-use building nearly three times the size as the existing structure.
“The neighborhood is burgeoning,” noted Ms. Polsinelli, “several new residential buildings have been constructed in the area, including Muss Development’s luxury 1198 Third, only one block south and Hunter College’s newly built School of Social work is located only two blocks south. Only a short walk away is Costco, Target, Bob’s Discount Furniture and PetSmart. The beauty of this acquisition is that the new owner will be collecting income while working on development plans. Rent-A-Center, the tenant in place, is currently providing steady cash flow.”
Located in close proximity to the 4, 5, and 6 trains and Metro North at 125th Street and the No 6 train at 116th Street, the property enjoys a significant history. Harlem was the heart of the African American culture during the 1920’ and 30’s. High housing costs in Manhattan below 96th Street have increased the demand for market-rate housing in Harlem, the area has been revitalized and seen a recent major influx of new condominiums, including The Dwyer, 111 Central Park North, The Lenox, Lenox Grand, Fifth on Park and Gateway Condominiums.
“We feel confident that the right developer will see the value of an in-place income stream for the next couple of years, and ultimately a prominent residential/retail property can be built in East Harlem as the area becomes increasingly more vibrant and active.”
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.